November 24, 2020 / Analytics

Bitcoin Price Analysis: Why BTC/USD Have To Keep Growing Up

bitcoin forecast

Bitcoin (BTC) cryptocurrency is fluctuating above the support zone around $ 18,300. BTC market is in a bullish trend. Therefore, the BTC/USD should rise to $ 20,000 by December 1st.

Key Points

  • BTC price dropped below the 100-hour average ($ 18,405).
  • A downtrend line has formed with resistance around $ 18,450 on the hourly chart.
  • The upward movement will accelerate after buyers break the $ 18,800 barrier.

On November 22, Bitcoin price dropped to $ 17,595 (Bitstamp data). However, traders began to actively buy at this mark and the price of the virtual currency rose to $ 18,790 on Monday. The chart demonstrates a shrinking triangle, the lines of which should cross on November 24. A break of the figure upwards will provoke a pump to at least $ 18,800. The downward movement will meet strong resistance at the $ 18,000 level.

Overcoming the $ 19,000 barrier will most likely lead to an increase in the value of the asset to $ 20,000. In this case, the coin will set a new historical price record. The previous maximum was recorded in December 2017 and amounted to $ 19,263 (Gemini data). Nevertheless, the TD Sequential indicator signals the occurrence of a correction in the short term. But three years ago, the bull run was not interrupted by dumps, so one cannot expect a significant reduction in the cost of the coin.

btcusd1

Why Will Bitcoin Rise?

Bitcoin To the Moon is supported by the unprecedented growth of interest in cryptocurrency. According to eToro Marketing Director Brad Michelson, in November 2020, the number of searches for the keyword Bitcoin exceeded three times the number recorded in December 2017. Most users type bitcoin price in the search box. This fact indicates that people are planning to buy or sell coins.

The only concern is a large number of orders to sell BTC at a price of $ 19,300. According to analysts, the bulls will not be able to break this wall on the first try. In this regard, after reaching the level of $ 19,300, a slight pullback in the value of BTC is expected.

Bitcoin is losing its dominance in the cryptocurrency market. Since November 18, the BTC.D index has declined by 12%, because Ethereum and many other altcoins have outpaced their older brother in terms of rate growth. According to historical data, BTC always wins its market share from competitors. Therefore, after the end of the altcoin season, the asset price should rise sharply. Otherwise, the market will reverse and the value of Bitcoin will go down.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is at 50 (in the neutral zone).
  • Major Support Level – $ 18,000.
  • Major Resistance Level – $ 18,800.
  • The nearest pivot points are $ 17,762 and $ 18,947.
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